DTE Energy to purchase natural gas midstream assets
DTE Energy today announced it will purchase midstream natural gas assets in support of the company's strategy to continue to grow and earn competitive returns for shareholders.
The agreement calls for DTE to purchase 100 percent of Appalachia Gathering System (AGS), located in Pennsylvania and West Virginia, and 40 percent of Stonewall Gas Gathering (SGG), in West Virginia, from M3 Midstream. In addition, DTE will purchase 15 percent of SGG from Vega Energy Partners. The combined purchase price for the assets to be acquired by DTE is $1.3 billion. These assets will become part of the DTE's non-utility Gas Storage and Pipeline business which currently owns and manages a network of natural gas gathering, transmission and storage facilities serving the Midwest, Ontario and Northeast markets.